“Demand for five-year fixed-rate products has risen noticeably across the market with competition continuing to increase, however we continue to see good opportunities for growth and our InterBay commercial business continues to flourish.”

OneSavings’ net interest margin – the difference between the interest received from borrowers and the amount paid out on deposits– fell from 3.24% to 3.01%

The lender put this down to lower yields on its mortgages amid strong competition.